https://www.taxtmi.com/caselaws?id=461015 ITAT held that penalty under section 271AAB cannot be sustained where additional income was voluntarily disclosed in a return filed under section 153A as an ad hoc estimate of disallowed marketing expenses. The seized cash was not tied to any specific assessment year or person, supplier confirmations were general, and the disclosure did not amount to "undisclosed income" under Explanation (c) to s.271AAB. Penalty vacated and decision pronounced in favour of the taxpayer. en-us Wed, 06 Mar 2024 00:00:00 +0530 Mon, 18 Aug 2025 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461015 ITAT held that penalty under section 271AAB cannot be sustained where additional income was voluntarily disclosed in a return filed under section 153A as an ad hoc estimate of disallowed marketing expenses. The seized cash was not tied to any specific assessment year or person, supplier confirmations were general, and the disclosure did not amount to "undisclosed income" under Explanation (c) to s.271AAB. Penalty vacated and decision pronounced in favour of the taxpayer. Case-Laws Income Tax Wed, 06 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461015